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ECN 340 (237)
Lecture

lower liberal

2 Pages
123 Views

Department
Economics
Course Code
ECN 340
Professor
Thomas Barbiero

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The Economics of Human Behaviour
Meaning of Economics:
Thought process, or the unique manner in which we approach problems
A mental skill that incorporates a special view of human behaviour
Arises because of (a) Unlimited desires, and (b) Limited resources to satisfy those desires
Desires are not always material things (time, life partner, etc)
Minimize desires to attain them; maximize resources to attain desires
People exchange goods and services
Abstractions:
Simplification
Theory and models
Acceptability – Explains and predicts
Thinking About Values:
Amoral approach – Not passing judgement onto others
Devoid of our own values
Understanding behaviour of others given their values
Thinking About People:
Focus is the individual
Individuals have values, makes choices and take actions
Social goals reflect individual values
Actions not determined by group/society; though can be influenced
Thinking About Rationality:
Human beings act with a purpose
Purpose is to improve their lot: Maximize satisfaction
There are constraints – Environment, social, biological, etc.
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Description
The Economics of Human Behaviour Meaning of Economics: • Thought process, or the unique manner in which we approach problems • A mental skill that incorporates a special view of human behaviour • Arises because of (a) Unlimited desires, and (b) Limited resources to satisfy those desires • Desires are not always material things (time, life partner, etc) • Minimize desires to attain them; maximize resources to attain desires • People exchange goods and services Abstractions: • Simplification • Theory and models • Acceptability – Explains and predicts Thinking About Values: • Amoral approach – Not passing judgement onto others • Devoid of our own values • Understanding behaviour of others given their values Thinking About People: • Focus is the individual • Individuals have values, makes choices and take actions • Social goals reflect individual values • Actions not determined by group/society; though can be influenced Thinking
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